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PCIT not Authorised Authority: Calcutta HC quashes Reopening of Assessment of HUF [Read Order]

Navasree A.M

The Calcutta High Court, chaired by Justice Md. Nizamuddin, declared that the Impugned notice issued under S. 148 A(b) of the Income Tax Act 1961 is...

HUF Partitioned on Date of Assessment Order: ITAT quashes Proceedings [Read Order]

Explanation as Past Savings of HUF and Members, No other Deposits during Demonetization: ITAT...

HUF eligible for Capital Gain Exemption for Property purchased in the Joint Name of Members: ITAT...

Property Purchased by Coparceners of HUF in their Individual Capacity is Assessable u/s 64(2)(b):...

TDS on Perquisites: CBDT issues Revised Guidelines [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued revised guidelines on the issue of TDS on perquisites under section 194R of the Income Tax Act, 1961. The Budget brought in a new section, 194R...

Receipt of Excess Share from Close Relative is not Chargeable to Tax under Other Sources: ITAT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal has held that receipt of excess share from close relative is not chargeable to tax under other sources. The appellate, M/s Prakash Chand Sharma...

Amount given by HUF to Member, which is not in the Nature of Gift not Taxable: ITAT [Read Order]

The ITAT, Ahmedabad bench has held that the amount received by the assessee from its HUF which is not in the nature of gift or received without consideration shall not be taxable undersection...

Assessment made on Assessee as HUF is not valid as on that date HUF was not in existence: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) ruled that the assessment made on assessee as HUF is not valid as on that date HUF was not in existence. The assessee, K.Ramesh Reddy...

TDS on Purchase of Goods to be effective from July 1

The Financial Act, 2021 notified the amendment in section 194-IB and also inserted the new Section 194Q which deals with the TDS on payment of rent by certain individuals or HUF and TDS on Purchase...

Assessee not liable to pay Income Tax as property belongs to HUF of Assessee and not individual: ITAT [Read Order]

The Income Tax Appellate Tribunal(ITAT), Hyderabad Bench quashed the assessment order as property belongs to the HUF of assessee and not to the assessee individual. The Assessing Officer having...

Mere Transfer of Possession of Land to Developer under MoU not sufficient to prove ‘Sale’: ITAT Quashes Assessment solely based on TDS Statement [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has recently quashed an assessment merely based on TDS Statement under Form 26AS where the developer paid the TDS amount to the Government...

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